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#Post#: 24--------------------------------------------------
Mudsill's Challenge: To buy a WSOP Bracelet with $21.02
DIR By: Mudsill
Date: January 26, 2013, 5:50 pm
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My first personal poker challenge will likely also be my
loftiest. I intend to buy a World Series of Poker Bracelet for
$21.02. Obviously, this won't happen overnight or in one
straight shot. I've broken the ultimate goal down into smaller
goals that will lead to the Bracelet.
The 4-element journey to the World Series of Poker Bracelet will
involve:
[*]Investing in myself
[*]Online play
[*]A combination of online and live play
[*]Live play in the WSOP
Investing in myself is something I strongly believe in, and will
exercise as much as my meager income will allow. I've already
gone on a long tirade regarding investing in yourself
HTML http://mainstreampoker.forumotion.com/t4-invest-in-yourself
in
the For Beginners forum, so I won't climb up on that soapbox
again in this post.
The first step in the journey to my 1st WSOP Bracelet will
playing online poker exclusively. A bankroll of $21.02 literally
leaves no room for live play that I'm aware of. If anyone
happens to know of any brick & mortar poker rooms in the greater
Phoenix area that have a game with a $20 buy-in, let me know. I
would much prefer live to online play, as my ability to read
people offers an edge I can't get through online poker.
Of course, I wouldn't take my entire bankroll to a table at one
time anyways. I will be very strictly utilizing the same
bankroll management strategy that Chris Ferguson used in his
famous $1 to $10,000 on FT back in the day. That strategy
dictates the percentage of my total bankroll that I can bring to
the table at any given time. Those limits are as follows:
[*]For ring games, I can buy in for no more than 5% of my total
bankroll.
[*]For single-table SNGs, I can buy in for no more than 5% of my
total bankroll
[*]For MTTs, I can buy in for no more than 2% of my total
bankroll.
The only exceptions are if my bankroll is not large enough to
buy into even the smallest game, I can automatically "move-up"
into the minimum buy-in amount for that type of game. For
example, my bankroll of $21.02 would only allow me to buy-in to
an MTT for $0.42. If the smallest MTT offered on the site
carries a $1 buy-in, I am allowed to make the exception to play
in that game.
I will stick exclusively to online play until my bankroll
reaches a total of $4,000 between my winnings and any deposits
my current shitty financial status allows me to make. At that
point, the $4,000 BR would allow me to adhere to the BRM
strategy and buy-in to the smallest stakes $1/$2 NL Holdem games
for $200.
Which is where we enter the online/live mix of play. The $4K
bankroll will allow me to buy-in to live and online ring games
and SNGs for up to $200, as well as MTTs up to $80. At that
point it will be a grind up to $75,000.
Once I hit the goal of a $75,000 bankroll, I will be only 1 step
away from that WSOP bracelet. And that step will be to play in
the World Series of Poker in Las Vegas and win. The $75,000 BR
will allow me to buy into any MTT for $1,500 which just so
happens to be the smallest buy-ins available at the WSOP... and
I will be on my way to a bracelet.
Good luck wishes and any other type of support is greatly
appreciated. I'll keep you updated.
#Post#: 25--------------------------------------------------
Re: Mudsill's Challenge: To buy a WSOP Bracelet with $21.02
DIR By: Mudsill
Date: January 27, 2013, 9:37 am
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As you may know, back on December 20th 2012, I began a a
challenge to play in the WSOP and finally win my first World
Series of Poker bracelet, all by bankrolling up from a starting
stack of $21.02.
Now obviously anyone can take $1,500 and go play a low-end WSOP
Event, but I've set myself to a higher standard. One, I am
looking to earn my way into the WSOP by my play, not by simply
sticking my hand into a bank account and pulling out $1,500.
Second, I'm not looking to play in one WSOP Event; my goal is to
win a bracelet. While I may get lucky and win the first event I
play, that scenario's pretty unrealistic. What's more likely is
that in order to actually win a WSOP Bracelet, I will need to
first build a bankroll that can sustain long-term play in the
WSOP. A total bankroll of $75,000 will be enough to sustain me
indefinitely through long-term play of any poker tournaments
with a buy-in of $1,500 or less.
I've still got quite a way to go.
Although I'm still nowhere near the $75,000 goal, I am nearing
the point where I will be able to take that next step in an
upward direction toward $75K. I have set up a set of micro-goals
for myself that instead of staring off into deep-space dreaming
of reaching $75K, I can slowly climb my way up that ladder to
the heavens one little rung at a time. As of right now, I am
playing in the absolute lowest micro-stakes ring games at
$0.02/$0.04. The next step will be to move into the $0.05/$0.10
games. My micro-goals are broken down as follows:
[table][tr][td]When my
bankroll reaches [/td][td]I can play
ring stakes of [/td][td]Or tournaments
with a buy-in of [/td][/tr][tr][td]< $60.00 [/td][td]$0.02/$0.04
[/td][td]< $1.00 [/td][/tr][tr][td]$60.00 [/td][td]$0.05/$0.10
[/td][td]$1.20 [/td][/tr][tr][td]$200.00 [/td][td]$0.10/$0.25
[/td][td]$4.00 [/td][/tr][tr][td]$300.00 [/td][td]$0.25/$0.50
[/td][td]$6.00 [/td][/tr][tr][td]$600.00 [/td][td]$0.50/$1.00
[/td][td]$12.00 [/td][/tr][tr][td]$1,200.00 [/td][td]$1.00/$2.00
[/td][td]$24.00 [/td][/tr][tr][td]$2,000.00 [/td][td]Live
$1.00/$2.00* [/td][td]$40.00 [/td][/tr][tr][td]... [/td][td]...
[/td][td]... [/td][/tr][tr][td]$75,000.00 [/td][td]Live
$25.00/$50.00 [/td][td]Live $1,500.00 [/td][/tr][/table]
As you can see from the chart above, as long as my bankroll is
under $60, I am grounded to only the lowest stakes games. Once
my total bankroll reaches $60 or more, I can move up into the
$0.05/$0.10 ring games and $1.20 tournaments. You'll notice that
the bankroll needed to move into $1/$2 games online is only
$1,200, but I will wait until the bankroll is at least $2,000 to
move into live $1/$2 games (to allow for a higher buy-in of at
least $100 for the live games). There are more micro-steps in
between the lowest level of live ring play and the $75,000
needed to begin competing in the World Series of Poker, but
we'll explore those goals in a later post.
For now, here's where I stand. Since December 20th 2012, I have
managed to increase my starting bankroll of $21.02 by 97.87% to
a current total bankroll of $44.54, and am now just $15.46 away
from being able to move up into the $0.05/$0.10 ring games and
be able to play in multi-table tournaments with a buy-in up to
$1.20. There are a total of 6 steps I must pass through to be
able to return to live action ring play. When I manage to grind
out just a shade above another fifteen bucks, I will have passed
the first step, leaving only 5 more steps to go for live play.
While $1/$2 live play is not the ultimate goal, it is an
important benchmark on the road to the WSOP. I have a relatively
strong ability to be able to read people's body language and
have historically been able to use that to give myself a greater
advantage than what's available in online play. Given that I
have always seen a higher ROI in live play versus online, I
fully expect the move into the live action to further increase
the speed at which I am able to increase my bankroll and move up
through the stakes.
Click here to rail my progress or play along with me in the
micro-stakes games at Aced Poker
HTML http://www.aced.com/_VXI8dnY2nN4Gu8t3BXHzdWNd7ZgqdRLk/1/
#Post#: 49--------------------------------------------------
Re: Mudsill's Challenge: To buy a WSOP Bracelet with $21.02
DIR By: Mudsill
Date: February 13, 2013, 3:24 pm
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In an earlier post, I went over the series of mini-goals I need
to step through in order to turn $21.02 into a World Series of
Poker Bracelet. I have also created a series of smaller
micro-goals to help keep me focused on the task. Turning $21.02
into $75,000 seems more like a ridiculous pipe-dream than an
actual goal. While the goal is very real, the $74,978.98 gap
between twenty-one bucks and $75K is quite a chasm to cross.
I've found in my experiences that the only way to cross any long
distance is to start off by putting one foot in front of the
other. If you've never been on a 10-mile run, let me be the one
to tell you it's not easy. I never allowed the distance on long
runs to become my focus. I would just take a step, and then
another, and then another. Even when I felt as though I was too
exhausted to take the hundreds of steps necessary to finish, I
never reached a point where I felt like I couldn't take one more
step. And I always finished.
I've since made it a practice in my life to always break down
every goal I want to achieve into a series of the smallest steps
possible. I start off by breaking down my goal into mini-goals
that I can achieve as steps toward my goal. When the next
mini-goal begins to seem distant, I then break each mini-goal
down into even more reachable micro-goals. A sense of
accomplishment is important in maintaining motivation.
Accomplishment serves as a reward. Reward serves to motivate.
Motivation serves to accomplish. And the cycle continues. Remove
any one of those cogs, and the machine breaks down.
My ultimate goal is to win a WSOP Bracelet by starting off with
a bankroll of $21.02. In order to win a Bracelet, I will need to
build a bankroll that is strong enough to support enough entries
into WSOP Events to eventually win one. That exact amount is a
bankroll of $75,000. My first mini-goal in the marathon run from
$21.02 to $75,000 was to grind up to $60 so I could move up from
the $0.02/$0.04 ring games to the $0.05/$0.10 ring games.
In order to alleviate any boredom and continue to receive the
reward of accomplishment on my way from $21.02 to $60, I broke
my mini-goals into smaller micro-goals. These micro-goals have
served me well.
The first micro-goal was to grind out about nine bucks to $30,
which would allow me to enter into the $0.60 micro-stakes
multi-table tournaments. From there, the next goal was to pick
up another $8.50 to hit $38.50, which would allow me to enter
into the $0.77 MTTs. The next goal was to win another $16.50 and
bring the total bankroll to $55, thus allowing me to enter into
any MTT for $1.10 or less. From there, I was just $5 away from
the first mini-goal of $60, moving me up into the $0.05/$0.10
ring games.
By taking it one step at a time, I have managed to work my
bankroll up to a total of $72.58, a 222.43% increase since
starting this challenge. I am now only $4.92 away from my next
micro-goal of $77.50, which will allow me to compete in any MTT
for $1.55 or less offered on Aced Poker
HTML http://www.aced.com/_VXI8dnY2nN4Gu8t3BXHzdWNd7ZgqdRLk/1/,
and
one step closer to my next mini-goal of the $200 bankroll needed
to move up into the $0.10/$0.25 ring games.
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